EthSwitch, the national switch operator, registered a record 2.2 billion Birr in revenues in the 2024\/25 fiscal year as person-to-person (P2P) transactions surpassed ATM cash withdrawals for the first time.<\/p>\n
The company reports processing more than 128 million interoperable P2P transactions, which include account-to-account and wallet-to-account transfers, valued at nearly 578 billion Birr over the year. EthSwitch registered less than 120 million interoperable ATM cash withdrawals valued at 156 billion Birr over the same period.<\/p>\n
\u201cThe landmark moment reflects not only EthSwitch\u2019s success in driving digital payment adoption but also signifies a broader national shift toward a more cash-lite, digitally empowered economy,\u201d wrote CEO Yilebes Addis in the company\u2019s annual report.<\/p>\n
When EthSwitch was established in 2011 as a share company owned jointly by commercial banks, microfinance institutions, and the National Bank of Ethiopia (NBE), digital transactions in Ethiopia were virtually nonexistent.<\/p>\n
The firm introduced ATM interoperability five years later and followed that up with point of sale (PoS) interoperability in September 2020, allowing anyone with a payment card to use PoS machines issued by any commercial bank to conduct a digital transaction.<\/p>\n
It was not until late 2021 that EthSwitch officially availed a national integrated payment system that allowed for the instant transfer of funds from one financial institution to another.<\/p>\n
EthSwitch has enjoyed a consistent growth in P2P transactions in the years since. In 2021\/22, the operator recorded under 2.1 million P2P transactions valued at nearly 20 billion Birr. Two years later, EthSwitch processed 49.7 million transactions valued at 271 billion Birr.<\/p>\n
The past year was a busy one for EthSwitch. The company acquired a new 12-storey headquarters in Kazanchis and finalized the construction of a \u201ctier-3 equivalent\u201d data center at the headquarters of Zemen Bank, also located in the same Addis Ababa neighborhood.<\/p>\n
The switch operator\u2019s data was previously handled in a data center on the premises of the NBE\u2019s headquarters.<\/p>\n
\u201cEthSwitch also advanced national initiatives by serving as the central integration point for the Fayda Digital ID, enabling secure, centralized authentication for the financial sector,\u201d reads the CEO\u2019s message.<\/p>\n","protected":false},"excerpt":{"rendered":"
EthSwitch, the national switch operator, registered a record 2.2 billion Birr in revenues in the 2024\/25 fiscal year as person-to-person (P2P) transactions surpassed ATM cash withdrawals for the first time. The company reports processing more than 128 million interoperable P2P transactions, which include account-to-account and wallet-to-account transfers, valued at nearly 578 billion Birr over the […]<\/p>\n","protected":false},"author":77,"featured_media":47609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"editor_plus_copied_stylings":"{}","ngg_post_thumbnail":0,"footnotes":""},"categories":[1935,1960],"tags":[],"class_list":{"0":"post-47608","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-latest-ethiopian-business-news","8":"category-latest-news-in-ethiopia"},"acf":[],"_links":{"self":[{"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/posts\/47608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/comments?post=47608"}],"version-history":[{"count":0,"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/posts\/47608\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/media\/47609"}],"wp:attachment":[{"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/media?parent=47608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/categories?post=47608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/tags?post=47608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}